On Tuesday, November 14, an event was held, organized by ORT’s Family Business Program, as part of the Management and Business Lecture Series, and a workshop, “The Role and Challenges of the Board of Directors in the Family Business,” facilitated by Prof. Rodolfo Gioscia—professor of Family Business at ORT—along with João Bosco Silva and Verónica Tapia—members of the Cambridge Family Enterprise Group, a global advisory, educational, and research organization specializing in family businesses.
John Davis, president of the Cambridge Family Enterprise Group, also participated in the event online. View the presentation here.
A success across generations
In the morning, a panel discussion was held on the multigenerational journey of family businesses, during which the speakers shared the key elements needed for family businesses to navigate the new economy and achieve multigenerational success.
“Family-owned businesses must become more agile and learn to let go of certain things in order to adapt to changes in the environment and take advantage of the opportunities that arise,” said João Bosco.
The discussion also addressed the current challenges facing family businesses and strategies for overcoming them. In addition, recommendations were provided on the initiatives and necessary preparations that shareholders and the next generation can implement to ensure the long-term success of their family business.
The strategic role of the board of directors
At noon, a workshop was held for family members of board members and family-owned CEOs, who had the opportunity to discuss scenarios and share experiences regarding the strategic role of the board and its relationship with shareholders.
“Shareholders need to clearly communicate their expectations to the board; the skill set required of the board depends on the goals to be achieved,” Tapia said.
João Bosco emphasized: “Governance is a long-term investment, not a cost. A crucial factor for success is aligning shareholders around a common purpose.”
Professor Rodolfo Gioscia emphasized: “The business family must develop the skills to produce well-prepared shareholders. Not all of them will become directors or managers, but they should always add value to the family legacy in whatever role they are assigned.”